NDIC begins steps to pay depositors in 154 crashed Micro Finance Banks


* Set to prosecute the managers

By Regis Amauche, Enugu.

Nigerian Deposit Insurance Cooperation (NDIC) has disclosed that it has started the process of verification and payment of depositors of 154 MFBs and 6 PMBs whose licenses were revoked by CBN in the last quarter of 2018.

The Managing Director and Chief executive NDIC, Umaru Ibrahim, who stated this at the ongoing Enugu International Trade Fair, expressed the corporation’s commitment towards the sustenance of sound, safe and stable financial system for sustainable economic growth.

He pointed out that corporation protects depositors by guaranteeing their deposits in the unlikely event of bank failure, and conducts risk based supervision of the banks in collaboration with the CBN to ensure timely resolution of distress banks.

According to the Managing Director NDIC has taken Measures to ensure that all those who contributed to the failure of the defunct Sky Bank are prosecuted.

Umaru, represented by the Deputy Director of the NDIC, Vera Ogbo-Ikwue  said those who contributed to the failure of the bank would be prosecuted through the appropriate legal means to serve as a deterrent to others.

Ibrahim recalled that in the last quarter of  2018, the NDIC efficiently managed the resolution of the defunct Sky Bank with the establishment of the Polaris Bank.

“The corporation has also taken measures to ensure that all those who contributed to the failure of the bank are prosecuted through the appropriate legal means to serve as a deterrence to others.”

He noted that this year marks the corporation’s 30th Year Anniversary, adding that for them, it has been decades of resilient hard work and continuous innovations to achieve their goals of becoming the best Deposit Insurer in the world by the year 2020.

He said  they may not be their yet,  but the NDIC has become a reference point in the implementation of DIS in Africa and beyond.

The cooperation, according to him, is now a hub for the provision of capacity building for other sister agencies across Africa.

He however lamented that increased sophistication of cyber-crime and the proliferation of ponzi schemes remains a challenge to the corporation in the coming years.



NCDMB Recognises Shell for Leading IOCs in Local Content

By Gladys Nweke

The Nigerian Content Development and Monitoring Board (NCDMB) has recognized Shell as the most impactful International Oil Corporation (IOC) on Local Content Initiatives in the Nigerian Oil and Gas industry.

The Shell Companies in Nigeria clinched the laurels in the upstream category at the just concluded 2019 Nigerian Oil and Gas Opportunity Fair (NOGOF)in Niger Delta.

Shell beat Total and ExxonMobil to the second and third positions at the 2nd edition of the fair organised by NCDMB.

The Executive Secretary of NCDMB, Mr. Simbi Wabote, who presented the award, lauded Shell for support to local vendors and suppliers in the oil and gas industry.

Wabote said Shell’s patronage to indigenous firms had enabled greater participation of Nigerians in the oil and gas industry to service value chain.

Osagie Okunbor, Managing Director of Shell Petroleum Development Company of Nigeria Limited (SPDC) and Country Chair, Shell Companies in Nigeria, received the award.

The Shell Nigeria Chair described the recognition as an important acknowledgement of the work Shell companies continued to do in Nigerian content development.

This award is a strong recognition of our leadership in the Nigerian content development space.

Nigerian content development remains a very important step in our growth aspiration as Shell Companies in Nigeria roll out the next phase of major projects. Okunbor said.

Shell’s Nigerian Content Development Manager, Olanrewaju Olawuyi, described the NOGOF award as well-earned, given the pioneering initiatives and strides by Shell companies in Nigeria.

According to him, the efforts have put the oil and gas industry in the hands of Nigerians.

We are motivated by the award to continue to pursue in-country value addition in the oil and gas sector as this aligns with the government’s aspiration in local capacity development.

The NOGOF award is a confirmation of the leadership position of Shell in local capacity development in the oil and gas industry.

In 2018, Shell Companies were named the Local Content Operator of the Year at the Annual Oil Industry Achievement Awards Dinner of the Petroleum Technology Association of Nigeria (PETAN).

In addition to awards from PETAN, Shell Companies in Nigeria have also been honoured for Nigerian content development by the Nigeria Oil and Gas Conference, the Nigerian Association of Petroleum Explorationists (NAPE).

Other organizations that have recognized Shell include the Nigerian Chamber of Shipping and at the Social Enterprise Report and Award.